Signal for 16/06/2009 for: GBP/USDRecap of yesterday's events: Here is a quick recap of yesterday’s events before we get going. The pound did move further down after the break of the 1.6397 level which happened well before the European and London session. Though it ended up a bit tricky, the profit target set were met and there was a retrace of nearly 100 pips before the market finally decided to move down (Monday trades may be quite volatile at times due to indecision in market). I placed my stop loss some 120 pips away for this particular pair after being thrown out of my previous trade with the GBP/JPY and entered the market with 4 lots. I already took 2 lots out and still have 2 lots running at the moment. My profit target is set at 1.6180. If this level is not reached by the open of the London session, I will close my position.
Here are the 2 lot positions that I still have open with stop loss placed at break even: 
Today's Signals Ok lets have a look at today’s target levels: R3-1.651 Possible scenarios: There are some important news coming out today in the UK. Here we will wait for the news release and start looking for trades after half an hour of the release. The range of trading is very tight today giving me an insight that there may be a major break out, so you better be prepared. After the down movement of yesterday, I believe the market may keep on moving down if UK news does not look so good. Again I will be looking for only sells at this point. We have major resistance near the pivot point today. If this level holds after news release all possibilities point to a downward move in price. Thus, for this down move to be confirmed, I will wait for a break of the 1.6190 level where we have a good support. Once this level is broken wait for a retest or until a bearish candle is formed after the retrace (preferably on 15 mins chart making sure that the 20EMA and 50SMA obeys the rule of entry) PS – You may decide to use your own entry criteria. Once we have confirmation, our first profit target will be at 1.6050, we may have some support at 161.45 and 161.15 but ultimately, if the 1.6190 is broken, potential target should be 1.6050. The second target at this rate may be around the 1.5870 mark. As I said we may see a big break out, if that’s the case, we may see price reach our 2nd target easily. Happy Trading. Back to: Free Forex Signals Page Back to: Forex Trading Homepage
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